SIRIUS XM HOLDINGS INC.SIRI

SIRIUS XM HOLDINGS INC. Earnings Per Share Disclosure

10-KFiled Feb 5, 20262 min read
Net Income (loss) per Share
Basic net income (loss) per common share is calculated by dividing the income available to common stockholders by the weighted average common shares outstanding during each reporting period.  Diluted net income (loss) per common share adjusts the weighted average number of common shares outstanding for the potential dilution that could occur if common stock equivalents (stock options, restricted stock units and convertible debt) were exercised or converted into common stock, calculated using the treasury stock method. We had no participating securities during the years ended December 31, 2025 and 2024, and 2023.
In calculating basic net income (loss) per common share, we used 339 common shares for the year ended December 31, 2023 which was the weighted average number of shares of Liberty Media’s Series A, Series B, and Series C Liberty SiriusXM common stock and Old Sirius’s common stock as converted by the Redemption and Merger exchange ratios, respectively, as no SplitCo shares were outstanding during that period. In calculating diluted net income(loss) per common share, we used 362 of diluted common shares for the year ended December 31, 2023, respectively, which was the weighted average number of shares of Liberty Media’s Series A, Series B, and Series C Liberty SiriusXM common stock and Old Sirius’s common stock adjusted for the impact of dilutive instruments as converted by the Redemption and Merger exchange ratios, respectively, as no SplitCo shares were outstanding during that period.
Common stock equivalents of 22, 47 and 37 for the years ended December 31, 2025, 2024 and 2023, respectively, were excluded from the calculation of diluted net income (loss) per common share as the effect would have been anti-dilutive.
 For the Years Ended December 31,
 202520242023
Numerator:
Net income (loss) available to common stockholders for basic net income per common share
$805 $(1,665)$786 
Net income (loss) attributable to noncontrolling interest
— (410)202 
Total net income (loss)
805 (2,075)988 
Effect of assumed conversions of convertible notes, net of tax
(9)— 13 
Net income (loss) available to common stockholders for dilutive net income (loss) per common share$796 $(2,075)$1,001 
Denominator: 
Weighted average common shares outstanding for basic net income (loss) per common share
338 338 339 
Weighted average impact of assumed convertible and exchangeable notes
18 — 21 
Weighted average impact of dilutive equity instruments1 — 2 
Weighted average shares for diluted net income (loss) per common share
357 338 362 
Net income (loss) per common share:
 
Basic$2.38 $(6.14)$2.91 
Diluted$2.23 $(6.14)$2.77 

Historical Timeline

Fiscal YearFiled
2025Feb 5, 2026Showing above
2024Jan 30, 2025
2023Feb 1, 2024
2022Feb 2, 2023
2021Feb 1, 2022
2020Feb 2, 2021
2019Feb 4, 2020
2018Jan 30, 2019
2017Jan 31, 2018
2016Feb 2, 2017
2015Feb 2, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

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